Mitsui and VDL to invest in electric bus builder Pinnacle Mobility
By RACE Innovations Pvt Ltd - 6th March 2024
Pinnacle, Mitsui, VDL people in Pune Dr. Sudhir Mehta, Pinnacle Mobility CEO (Front row 4th from left)
India / Japan – Tokyo, Japan-headquartered investment group, Mitsui & Co Ltd and privately owned manufacturing group, the VDL Groep of Eindhoven, Netherlands, in December announced joint planned investments of up to USD 100 million and undisclosed equity stakes in Pinnacle Mobility Solutions Pvt Ltd. Pinnacle Mobility, which sells vehicles under the brand name, EKA Mobility is based in Pune and is an electric bus and light and medium-duty e-truck builder.
As part of this partnership, VDL Bus & Coach (a subsidiary of VDL Groep and a leading European manufacturer of electric buses & coaches) will support EKA Mobility by transfer of technology to produce electric buses in India for the Indian market. Mitsui, for its part, will extend support to EKA for exports to select emerging markets namely in countries in Africa, Middle East, and Europe over the next three to four years as well as assist in establishment of systems and processes for production.
